Try visiting the individual firm's websites and research their history and track record. Logically if you qualify as a lead plaintiff with a loss in excess of 100k, you might stand to recover more than a Sprint phone card.
I agree, it takes years to get your settlement. I think I ended up with $35 once. All you are doing is enriching lawyers at company expense, and if you still have your shares, you'll lose again, in the form of lower company profits and consequently share price, at the hands of the lawyers.
There's no need for everyone to join a class action because anybody who can prove they held shares during the time of the crime is included in the class and will be contacted by the law firm the court approves as lead attorney. These things usually take a few years to resolve but how much you get back is naturally related to how much you lost. Lawyers need to justify their fees before the judge who approves any settlement.
In this case there will likely be two seperate class actions, one against the company, its officers and directors individually and a second against the accountants. Both normally carry insurance to pay for their indiscretions and those sued will have their own assets at risk.
In this case I'd find it hard to believe the insiders who are being sued will be allowed to join the class actions and share in the recovery of money from themselves for their own participation in fraud. My guess is any sums recovered would go solely toward making innocent shareholders whole after fees and costs are paid.
Chances are you won't get diddly from any of them. Lawyers tend to structure the class actions to give you a nickel a share or something, while they rake in millions...and those millions come from the company, which further devalues your shares.
People need to wise up. I've been a party to probably a half dozen class action suits over the years, usually by coincidence and not because I had any gripe with a particular company. Biggest (and only) award that ever reached me was a sprint phone card valued at $25 but that used up it's value at something like 79 sents a minute. In short, a joke.
My advice. Learn your lessons but don't waste your time. Class actions are not likely to fix the problem you're facing.